Russia Laundered $21 Billion Through European Banks

A group of reporters who exposed an illegal scheme to transfer large sums of money out of Russia in 2014 say they have released information containing more details about the case, showing how $21 billion was moved through major banks. This group, named the "Project on Organized Crime and Corruption Reporting," stated on their website on Monday, March 20, that their reporters, along with writers from the Russian newspaper Novaya Gazeta in Moscow, obtained banking documents indicating that these vast amounts were transferred through 112 bank accounts in Eastern Europe to various parts of the world. According to a report by the Associated Press, the mentioned group also stated that responsible authorities in Moldova, Latvia, the UK, and Russia are investigating this money laundering but have yet to bring the perpetrators to justice or recover the lost funds. The "Project on Organized Crime and Corruption Reporting" further claimed that the architects of this scheme formed a core group of 21 companies based in the UK, Cyprus, and New Zealand, whose owners are anonymous, and utilized various Russian companies to facilitate the money's exit from Russia. The group reported that the mentioned companies had over 26,000 transactions through various accounts between 2011 and 2014, with the funds being transferred to 96 countries, involving some of the world's largest banks, including HSBC, Bank of America, and the Bank of China. The report noted that the looted funds ultimately ended up with some of the world's major companies, including Samsung and Ericsson, although these companies emphasized that they had done nothing illegal and that many of their Russian clients use similar business practices. Meanwhile, the UK announced on Tuesday that it would investigate the claims to determine how British-based banks were involved in this money laundering.